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Tobacco & Nicotine

Tobacco combines falling volumes with strong pricing, and is shifting towards vapour and oral products that carry lower regulatory risk. Cash generation is the whole investment case.

13 stocks

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
1	Vanguard Group Malvern, Pennsylvania	$17.9B	+$217M	6	0.75%	Increased
2	BlackRock New York	$15.8B	+$113M	6	0.73%	Increased
3	Capital Research Global Investors Los Angeles, California	$8.89B	+$933M	3	2.43%	Increased
4	State Street Boston, Massachusetts	$8.43B	-$148M	6	0.7%	Reduced
5	Capital World Investors Los Angeles, California	$7.82B	+$78.7M	3	1.67%	Increased
6	Fidelity Investments Boston, Massachusetts	$5.4B	+$58.4M	5	0.62%	Increased
7	T. Rowe Price Associates Baltimore, Maryland	$3.9B	-$878M	5	0.6%	Reduced
8	Bank of America Charlotte, North Carolina	$3.83B	-$525M	6	0.63%	Reduced
9	Massachusetts Financial Services Boston, Massachusetts	$3.49B	+$31.2M	3	1.5%	Increased
10	Bank of New York Mellon New York	$3.04B	+$47.5M	6	0.83%	Increased
11	Northern Trust Chicago, Illinois	$2.94B	-$44.8M	6	0.75%	Reduced
12	Morgan Stanley New York	$2.94B	+$386M	6	0.79%	Increased
13	Wellington Management Group Boston, Massachusetts	$2.75B	+$6.97M	4	0.61%	Increased
14	Geode Capital Management Boston, Massachusetts	$2.7B	+$32M	6	0.83%	Increased
15	Ameriprise Minneapolis, Minnesota	$2.46B	-$322M	5	1.09%	Reduced
16	JP Morgan Chase New York	$2.33B	-$363M	6	0.48%	Reduced
17	Barrow, Hanley, Mewhinney & Strauss Dallas, Texas	$2.16B	-$152M	2	3.48%	Reduced
18	Fayez Sarofim & Co Houston, Texas	$2.08B	-$16.9M	3	11.2%	Reduced
19	Invesco Atlanta, Georgia	$2.02B	+$363M	6	0.67%	Increased
20	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.73B	+$73.1M	6	0.86%	Increased
21	Federated Hermes Pittsburgh, Pennsylvania	$1.59B	+$71.2M	5	4.65%	Increased
22	Wells Fargo San Francisco, California	$1.52B	-$143M	6	0.45%	Reduced
23	Goldman Sachs New York	$1.42B	-$261M	6	0.38%	Reduced
24	Royal Bank of Canada Toronto, Ontario, Canada	$1.42B	-$9.74M	6	0.64%	Reduced
25	Independent Franchise Partners London, United Kingdom	$1.24B	+$586M	2	11.77%	Increased